A Matter of Trust by ProQuest


In 2005, growing financial pressure and newly enacted pension fund legislation prompted the South Africa-based De Beers diamond company to reduce the open-ended financial liability of its pension fund arrangements. De Beers anticipated that any of these options would result in productivity losses, higher staff turnover and possible legal disputes. So it decided instead to educate employees on the differences between the existing defined benefit arrangement and the new defined contribution arrangement and then let them choose. Building employee trust was at the heart of the communication challenge. When the fund conversion statistics came through, even the communication team was surprised by the high success rate.

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